James R. Wilkins III, a director at First National Corp (NASDAQ:FXNC), has recently purchased shares of the company's common stock, according to the latest filings with the Securities and Exchange Commission. On June 25, 2024, Wilkins acquired 886 shares at a price of $14.95 per share, amounting to a total investment of $13,245.
This transaction has increased Wilkins' direct holdings in the company to 298,429 shares. Additionally, the report disclosed indirect ownership through various entities. Wilkins Investments LP holds 105,668 shares, JRWIV Holdings LLC has 9,987 shares, GSW Holdings LLC owns 11,662 shares, IBW Holdings LLC is in possession of 7,820 shares, LTW Holdings LLC controls 9,365 shares, and Cara Lewin Wilkins, spouse to James R. Wilkins III, indirectly owns 1,631 shares.
The purchase reflects a continued confidence in the financial institution by one of its directors, and adds to the total number of shares Wilkins has in First National Corp, both directly and indirectly. The transaction was signed off by Christopher Suggs, by the power of attorney, on June 26, 2024.
Investors often keep an eye on insider transactions as they can provide insights into the executives' perspective on the company's current valuation and future prospects. This recent purchase by a key insider at First National Corp may be of particular interest to current and potential shareholders as they assess the company's performance and outlook.
In other recent news, First National Corporation and Touchstone Bankshares, Inc. have agreed to a $47.0 million all-stock merger. The merger, which is expected to close in the fourth quarter of 2024, will combine two Virginia-based community banks, creating the ninth-largest community bank in Virginia with assets totaling around $2.1 billion. First National projects that the merger will be 36% accretive to earnings per share and expects to save about $7.2 million through cost synergies. On completion, Touchstone shareholders will receive 0.8122 shares of First National stock for each share of Touchstone stock. Three Touchstone directors will join the First National and First Bank (NASDAQ:FRBA) boards, and James Black, Touchstone's CEO, will become Executive Vice President and South Region President of First Bank. These recent developments indicate a strategic expansion and significant potential benefits for stakeholders.
InvestingPro Insights
The recent insider purchase by James R. Wilkins III at First National Corp (NASDAQ:FXNC) aligns with a broader financial narrative that can be further understood through key metrics and insights. With a market capitalization of $95.29 million and a price-to-earnings (P/E) ratio of 10.61 based on the last twelve months as of Q1 2024, FXNC presents as a potentially undervalued opportunity, especially considering the company's consistent dividend history. InvestingPro Tips indicate that the company has raised its dividend for 10 consecutive years and maintained dividend payments for 11 consecutive years, highlighting a commitment to shareholder returns despite weak gross profit margins.
Moreover, the stock is currently trading near its 52-week low and has experienced a significant decline over the last six months, with a 6-month price total return of -29.6%. This could suggest a buying opportunity for investors who believe in the company's fundamentals and are looking for entry points at depressed prices. Additionally, analysts predict that the company will be profitable this year, which may provide further optimism for potential investors.
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